thank you. >>> let's bring in rashaun williams. welcome back. nice to see you and happy new year. >> happy new year. good to see you. >> so there was a lot of optimism, obviously, coming into 2025, about a rebirth of ipos, animal spirits and all of that, which we talked about several times over the course of '24. do you think that was unfounded optimism? >> you know, i don't think so. there's so many things that have to go right for the tech ipo space to open back up. all of these things have to align perfectly. and, unfortunately, they didn't. so we still have to hold onto it because so much is riding on it. although i will say the secondary market, which was a stepchild to primary market liquidity events a few years ago is creating liquidity for founders and employees and there's so much funding, guys have a war chest of capital to last through the downturn on the tech ipo side. >> what's the most interesting thing to you right now in your world of -- the capital you have and where you're trying to deploy it, what seems to be the most interest